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Tuesday, November 2, 2010

Market Update November 2nd

The market finally closed over 1185 and we now have technical patterns that point to higher prices. We have a larger Ascending Triangle with a 1220 target, an Inverse Head and Shoulders projecting 1204 and today a bull flag pointing 1201. That's in addition to the gap from April 1197-1202. So I am in cash and waiting for a good spike to short and unless these targets are met or the trend changes and closes under the level I watch, I will stay in cash and only trade extremes. It'd be great to see a big spike to the 1220 area as I think that is where the rally ends.